two are being put up for sale together. Both sides -- who for months have openly said that they have been negotiating to market the two together -- confirmed in their legalese that a sale is one way "to maximize value" and declined to talk about other options.

Here's that press release.

VULCAN AND PAM JOINT STATEMENT

Portland, Oregon (June 7, 2006) - Vulcan Inc. (Vulcan) and Portland Arena Management LLC (PAM) today announced that they have entered into an agreement under which they will work together to examine ways to maximize value for their respective operations.

Lance Conn of Vulcan said, "We are pleased to have reached this agreement with Portland Arena Management. We look forward to working with PAM to explore ways to enhance the future prospects of the Trail Blazers franchise and the Rose Garden arena."

Thomas Luther, Chairman of PAM said, "We are pleased to be working with Vulcan to explore ways to maximize the value of the Rose Garden and the Trail Blazers. As the owners of the Rose Garden, we see this process as potentially helping to accelerate the advancement of the Rose Garden for the benefit of our respective groups."

Vulcan and PAM said that they will not make any additional public comments until the process has concluded.

About Vulcan Inc.

Vulcan Inc. creates and advances a variety of world-class endeavors and high-impact initiatives that change and improve the way people live, learn, do business and experience the world. Founded in 1986 by investor and philanthropist Paul G. Allen, and under the direction of President and CEO Jody Patton, Vulcan oversees various business and charitable projects including real estate holdings and investments in more than 40 companies, from Charter Communications, DreamWorks Animation SKG and Digeo, to the Sporting News, the Seattle Seahawks NFL and the Portland Trail Blazers NBA franchises. In addition, Vulcan projects and affiliate organizations include the Allen Institute for Brain Science, SpaceShipOne, First & Goal Inc., independent film production company Vulcan Productions, the acclaimed Seattle Cinerama Theatre, Experience Music Project, the Science Fiction Museum and Hall of Fame, and the Paul G. Allen Family Foundation. For more information about Vulcan, visit www.vulcan.com


About Portland Arena Management

Portland Arena Management LLC owns the Rose Garden in Portland, OR. The Global Spectrum-managed Rose Quarter includes 20,000-seat Rose Garden, 12,000-seat Memorial Coliseum, 6,500-seat Theater of the Clouds, 40,000-square foot Exhibit Hall and the Rose Quarter Commons. Home to the NBA Portland Trail Blazers, the National Lacrosse League Portland LumberJax which started play in the 2006 season, and the WHL Winter Hawks, the Rose Garden is a $262 million multi-purpose arena that opened in the fall of 1995. The Winter Hawks also play in Memorial Coliseum, which opened in 1960 and served as the original home of the Trail Blazers. Memorial Coliseum is attached to 40,000-square foot Exhibit Hall and seven meeting rooms. The Commons, Portland's largest outdoor public plaza, connects the Rose Garden and the Memorial Coliseum and can accommodate up to 5,000 people for outdoor events. Ovations Food Services is the official food and beverage concessionaire for the Rose Quarter.">

It's official: Blazers and Rose Garden are for sale (original) (raw)

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The press release itself is basically unreadable, though I'll post it below. (It's immediately clear why it's taken so long for the two parties to come to an agreement. Neither one speaks English).

Anyhow, the gist is that the two are being put up for sale together. Both sides -- who for months have openly said that they have been negotiating to market the two together -- confirmed in their legalese that a sale is one way "to maximize value" and declined to talk about other options.

Here's that press release.

VULCAN AND PAM JOINT STATEMENT

Portland, Oregon (June 7, 2006) - Vulcan Inc. (Vulcan) and Portland Arena Management LLC (PAM) today announced that they have entered into an agreement under which they will work together to examine ways to maximize value for their respective operations.

Lance Conn of Vulcan said, "We are pleased to have reached this agreement with Portland Arena Management. We look forward to working with PAM to explore ways to enhance the future prospects of the Trail Blazers franchise and the Rose Garden arena."

Thomas Luther, Chairman of PAM said, "We are pleased to be working with Vulcan to explore ways to maximize the value of the Rose Garden and the Trail Blazers. As the owners of the Rose Garden, we see this process as potentially helping to accelerate the advancement of the Rose Garden for the benefit of our respective groups."

Vulcan and PAM said that they will not make any additional public comments until the process has concluded.

About Vulcan Inc.

Vulcan Inc. creates and advances a variety of world-class endeavors and high-impact initiatives that change and improve the way people live, learn, do business and experience the world. Founded in 1986 by investor and philanthropist Paul G. Allen, and under the direction of President and CEO Jody Patton, Vulcan oversees various business and charitable projects including real estate holdings and investments in more than 40 companies, from Charter Communications, DreamWorks Animation SKG and Digeo, to the Sporting News, the Seattle Seahawks NFL and the Portland Trail Blazers NBA franchises. In addition, Vulcan projects and affiliate organizations include the Allen Institute for Brain Science, SpaceShipOne, First & Goal Inc., independent film production company Vulcan Productions, the acclaimed Seattle Cinerama Theatre, Experience Music Project, the Science Fiction Museum and Hall of Fame, and the Paul G. Allen Family Foundation. For more information about Vulcan, visit www.vulcan.com

About Portland Arena Management

Portland Arena Management LLC owns the Rose Garden in Portland, OR. The Global Spectrum-managed Rose Quarter includes 20,000-seat Rose Garden, 12,000-seat Memorial Coliseum, 6,500-seat Theater of the Clouds, 40,000-square foot Exhibit Hall and the Rose Quarter Commons. Home to the NBA Portland Trail Blazers, the National Lacrosse League Portland LumberJax which started play in the 2006 season, and the WHL Winter Hawks, the Rose Garden is a $262 million multi-purpose arena that opened in the fall of 1995. The Winter Hawks also play in Memorial Coliseum, which opened in 1960 and served as the original home of the Trail Blazers. Memorial Coliseum is attached to 40,000-square foot Exhibit Hall and seven meeting rooms. The Commons, Portland's largest outdoor public plaza, connects the Rose Garden and the Memorial Coliseum and can accommodate up to 5,000 people for outdoor events. Ovations Food Services is the official food and beverage concessionaire for the Rose Quarter.

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